during the current year, swallow corporation, a calendar year c corporation, has the following transactions: income from operations $660,000 expenses from operations 760,000 dividends received from brown corporation 240,000 click here to view the dividend received deduction table. question content area a. swallow corporation owns 12% of brown corporation's stock. how much is swallow's taxable income or nol for the year? swallow's taxable income after deducting the dividends received deduction is $fill in the blank 1d2c51f8b00704e 2 70,000 . feedback area feedback the purpose of the dividends received deduction is to mitigate multiple taxation of corporate income. without the deduction, income paid to a corporation in the form of a dividend would be taxed to the recipient corporation with no corresponding deduction to the distributing corporation. later, when the recipient corporation paid the income to its shareholders, the income would again be subject to taxation with no corresponding deduction to the corporation. question content area b. assume instead that swallow corporation owns 26% of brown corporation's stock. how much is swallow's taxable income or nol for the year? swallow's nol after deducting the dividends received deduction is